JOHANNESBURG, May 5 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s top public health body urged all those purchasing COVID-19 vaccines for the continent to place orders with South Africa&#8217;s Aspen Pharmacare&nbsp;APNJ.J, saying the market was key to developing vaccine manufacturing on the continent.



The Africa Centre for Disease Control and Prevention (CDC) said it was doing everything it could behind the scenes to prevent a situation where Aspen closes its facility due to a lack of orders.



Aspen negotiated a licensing deal in November to package and sell Johnson &amp; Johnson&#8217;s&nbsp;JNJ.J&nbsp;COVID-19 vaccine and distribute it across Africa.



This was hailed as a game-changing moment for an under-vaccinated continent frustrated by sluggish Western handouts, but Aspen&#8217;s&nbsp;COVID-19 vaccine&nbsp;plant now risks shutting down after receiving not a single order, a company executive said on Saturday.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WT0CQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We have said from the very beginning of the conversation on local production that market, market, market is the key to ensuring that we have a thriving local production, manufacturing enterprise,&#8221; said Ahmed Ogwell Ouma, deputy director of the Africa CDC.



&#8220;Our message is that we need to have all those who are purchasing vaccines at the global level for African countries, they need to purchase those from African producers first,&#8221; he said at a regular media briefing.



(Reporting by James Macharia Chege and Estelle Shirbon)

Aspen_Place,_Durban_South_Africa

Africa CDC urges COVID-19 vaccine buyers to order from S.Africa’s Aspen

OPEC+ likely to agree 432,000 bpd increase in June



OPEC says Chinese lockdowns hitting demand



Formal talks start at 1100 GMT



Updates with analyst



By Maha El Dahan, Ahmad Ghaddar and Alex Lawler



LONDON, May 5 (Reuters)&nbsp;&#8211;&nbsp;OPEC+ is likely stick to its plan for modest oil output increases on Thursday, arguing that the producer group cannot be blamed for global supply disruptions and saying China&#8217;s coronavirus lockdowns threaten the outlook for demand.



Five OPEC+ delegates said the group was set to agree to increase its June output target by 432,000 barrels per day, in line with its existing plan to unwind output curbs made during the worst of the COVID-19 pandemic in 2020.



The Organization of Petroleum Exporting Countries and allies including Russia, which together make up OPEC+, hold formal ministerial talks at 1130 GMT after a meeting of the advisory Joint Ministerial Monitoring Committee.



The meeting comes against a backdrop of surging oil prices, which hit their highest since 2008 at more than $139 a barrel in March after Russia&#8217;s invasion of Ukraine exacerbated supply concerns that were already fuelling a price rally.



&#8220;I do not think a new decision will be made,&#8221; one of the delegates said. Another said it was &#8220;highly expected&#8221; that the meeting would be short and stick to the plan.



The OPEC+ meeting comes a day after the European Union proposed a phased embargo on Russian oil in its toughest measures yet over the war in Ukraine, which Moscow calls a &#8220;special military operation&#8221;.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WW23E&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The embargo will likely force Russia to reroute flows to Asia and cut production steeply, while the EU will compete for the remaining available supply &#8211; both factors likely to support elevated crude prices.



&#8220;OPEC+ continues to view this as a problem of the West’s own making and not a fundamental supply issue that it should respond to,&#8221; said Callum Macpherson from Investec.



He said only Saudi Arabia and the United Arab Emirates had capacity to lift supply significantly, adding: &#8220;If they were to do so, the ensuing falling out with Russia could bring an end to OPEC+.&#8221;



OPEC Secretary General Mohammad Barkindo said on Wednesday it was not possible for other producers to replace Russian exports of more than 7 million bpd. &#8220;The spare capacity just does not exist,&#8221; he said.



The Brent crude oil benchmark rose on Thursday to trade above $111.&nbsp;O/R



The United States has repeatedly asked OPEC to raise production, but the Saudi-led organisation has resisted the calls amid strained relations with Washington.



The West&#8217;s energy watchdog, the International Energy Agency, agreed last month to release record volumes of oil stocks to help to cool prices and offset supply disruptions from Russia.



(Reporting by Ahmad Ghaddar, Alex Lawler, Maha El Dahan and Rowena Edwards; Writing by Dmitry Zhdannikov; Editing by David Goodman and Edmund Blair)

Silhouette of oil pump jack on rig

OPEC+ set to stick to modest oil output rise amid price rally

ABUJA, May 4 (Reuters)&nbsp;&#8211;&nbsp;Nigeria expects to become an African hub for transshipment with a new deep seaport set to open in the commercial capital of Lagos before the end of this year, its managing director said on Wednesday.



Du Ruogang, managing director of Lekki Deep Sea Port &#8212; owned 75% by China Harbour Engineering Company and Tolaram group with the balance between Lagos state government and the Nigerian Port Authority, said the port has reached 89% completion.



The multi-billion dollar deep seaport which has been under development for more than a decade and is situated on the edge of Lagos is part of new infrastructure that Nigeria hopes it can use to boost trade.



The new port with 18,000 twenty-foot equivalent unit capacity, has more than four times the capacity that can be handled by existing ports in the country.



&#8220;With this port, Nigeria will become a transshipment hub,&#8221; Information Minister Lai Mohammed said during a site tour.



Mohammed said Nigeria wanted to use the port investment to regain maritime business lost to ports in Togo, Ivory Coast and Ghana, adding that the new facility will give the country an edge on African trade.



African countries launched a continental free trade area, aiming to bring 1.3 billion people together in a $3.4 trillion economic bloc that supporters say will boost intra-African trade, living standards and encourage development.



Ruogang said a second phase of the port development will commence within the next seven years.



(Writing by Chijioke Ohuocha; Editing by Sandra Maler)

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Nigeria’s new seaport aims to become African shipment hub￼

LONDON, May 4 (Reuters)&nbsp;&#8211;&nbsp;Inflation in South Africa is set to rise to 8% this year, overshooting the central bank&#8217;s target amid the global impact of the Ukraine conflict and rising U.S. interest rates, credit rating agency Moody&#8217;s forecast in a report on Wednesday.



Moody&#8217;s said inflation was set to be higher than the South African Reserve Bank&#8217;s 3-6% target range this year, before falling in 2023 and 2024, with the central bank likely to continue to tighten monetary policy after it raised interest rates in March.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VR4YO&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



South Africa&#8217;s finances were already under strain before the COVID-19 pandemic and worsened during&nbsp;successive waves of the virus, but have improved thanks to bumper prices for the country&#8217;s&nbsp;mineral&nbsp;commodity exports. But South Africa&#8217;s finance minister warned last month that the negative impact of high energy prices could outweigh this.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WK4WG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Moody&#8217;s cited risks to the country&#8217;s economy from&nbsp;highly indebted&nbsp;state-owned companies&nbsp;such as power utility Eskom, a rigid labour market and high social spending.



&#8220;The electricity sector poses the greatest risks to economic growth prospects, with generation capacity already insufficient to cover the economy&#8217;s needs,&#8221; Moody&#8217;s said in the report.



Power outages implemented by state-owned Eskom have constrained economic growth in Africa&#8217;s most industrialised country for more than a decade.



Moody&#8217;s upgraded South Africa&#8217;s outlook from &#8220;negative&#8221; to &#8220;stable&#8221; in April, keeping the government&#8217;s Ba2 rating and stating high commodity prices and fiscal consolidation would help to stabilise debt at around 80% of GDP in the&nbsp;medium term.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2VZ3E2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Rachel Savage. Editing by Jane Merriman)

South African Economy As Inflation Rate Rises For First Time In 2017

Moody’s expects South Africa’s inflation to hit 8% in 2022￼

<ul class="wp-block-list"><li>Mineral exporters lose $2.2 bln in potential sales -survey</li></ul>



<ul class="wp-block-list"><li>Glencore among miners resorting to trucks rather than rail Trucking costs four times as much as rail freight</li></ul>



<ul class="wp-block-list"><li>Menar plans to procure its own locomotives and wagons</li></ul>



By Nelson Banya and Helen Reid



JOHANNESBURG, May 3 (Reuters)&nbsp;&#8211;&nbsp;Mining companies in South Africa have resorted to trucking coal to ports to meet a surge in European demand since the war in Ukraine started, bypassing the deteriorating rail infrastructure they blame for billions of dollars in lost revenue.



Poor maintenance, a lack of spare parts for trains, copper cable theft and vandalism have disrupted state logistics firm Transnet&#8217;s freight rail services, causing coal and iron ore exports to fall in recent years.



In April, Transnet declared force majeure on contracts with producers but with coal prices near record highs, mining firms including Glencore&nbsp;GLEN.L&nbsp;have turned to trucks, one industry source said. A Glencore spokesperson declined to comment.



Trucking coal costs about four times more than rail, according to miner Menar. It has started using trucks but said the high coal prices mean miners can absorb the cost, for now.



&#8220;The industry at large are on their knees, so they are resorting to drastic measures,&#8221; said Clifford Hallatt, chief operating officer at Canyon Coal, a joint venture between Menar and commodity trader Mercuria.



At Canyon Coal&#8217;s Khanye Colliery some 90 km (55 miles) from Johannesburg, it takes about 80 trucks &#8211; each carrying 34 tonnes &#8211; to replace one average Transnet train, making it unsustainable financially, boosting emissions and clogging roads.



But the company says it has little choice.



A year ago, it was loading five or six Transnet trains a week from Khanye. That has dropped to just two or three now, and its stockpiles of coal have been mounting, Hallatt said.



COAL PRICES ROCKET



Demand, meanwhile, has shot up since the war in Ukraine. The European Union has announced a ban on Russian coal and mining companies in South Africa say they are fielding calls from European countries looking for imports.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2VB24Z&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL2N2W50LZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



As for prices, Australian thermal coal futures&nbsp;NCFMc1&nbsp;were trading at about $80 a tonne at the start of 2021. A week after Russia sent its forces into Ukraine, they rocketed to a record high of $440 and are now trading at $326 a tonne.



Menar is trucking about 120,000 tonnes of coal a month and plans to increase that to 200,000 tonnes, Hallatt said.



As a whole, South African coal miners are putting about 400 trucks on the road a day, trucking some 6 million tonnes of coal on an annualised basis, according to the industry source.



&#8220;We are aware that there&#8217;s been an increase in the number of coal trucks now running into the ports and that&#8217;s not a good situation,&#8221; Transnet Freight Rail Chief Executive Sizakele Mzimela told Reuters.



Transnet shipped 58.3 million tonnes of coal to the Richards Bay Coal Terminal last year, 24% below its annual capacity of 77 million tonnes. Transnet expects an improvement in the delivery of coal this year, to about 60 million tonnes.



But limited rail capacity cost bulk commodity exporters at least 35 billion rand ($2.2 billion) last year in lost revenue, according to South Africa&#8217;s Minerals Council.



Transnet&#8217;s Mzimela said the state-owned firm feels the industry&#8217;s pain.



&#8220;The frustration is more about the lost opportunity, because of course if we were able to move more, we would benefit, they would benefit. We are tied at the hip,&#8221; she said.



OTHER OPPORTUNITIES?



Mzimela said Transnet was open to miners investing in their own rolling stock, as well as allowing private rail operators to run on some container route slots. But it does not plan to open its iron ore and coal lines to private firms.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VZ0P3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



That falls short of what mining firms, who are helping to fund private security to combat theft along rail lines, want.



Menar said it was pushing to invest in state-owned rail lines and procure its own locomotives and wagons as part of attempts to overcome the country&#8217;s infrastructure bottleneck.



Hallatt told Reuters that Menar would also consider operating a section of the bulk commodity rail lines, although that&#8217;s an option Transnet&#8217;s Mzimela rejects.



Since the security collaboration started, the number of drones monitoring the coal line from Mpumalanga to Richards Bay has more than doubled and incidents have fallen to about 19 a week from 35 previously, according to Transnet.



The copper cables carrying electricity from substations along the line to signalling systems are regularly stolen, for example, as well as other metal parts along the track.



For the first time, South Africa was ranked among the 10 least attractive jurisdictions for mining investment in the Fraser Institute&#8217;s annual mining industry survey last year.



Gabrielle Reid, associate director for strategic intelligence at S-RM, said the logistical challenges were now prompting some South African miners to look outside the country for growth opportunities.



&#8220;Our most recent experiences with rail in South Africa make for a compelling diversification case,&#8221; July Ndlovu, chief executive of thermal coal producer Thungela Resources&nbsp;TGAJ.J, told analysts on a call in March.



&#8220;Given the concentration that we&#8217;ve got in a single geography and the concentrated risk associated with that infrastructure, I think it stands to reason that we should look at other opportunities.&#8221;



(Reporting by Nelson Banya and Helen Reid; Editing by David Clarke)

black-coal-1542285036I13

South African coal miners turn to trucks as rail service deteriorates

KAMPALA, May 3 (Reuters)&nbsp;&#8211;&nbsp;Uganda&#8217;s largest telecommunications firm MTN Uganda&nbsp;MTNU.UG&nbsp;said on Tuesday its first-quarter pretax profits jumped by a fifth from the same period of last year, partly boosted by higher data sales.



In the first three months of this year the firm&#8217;s pretax profit rose 20.2% to 143.7 billion shillings ($40.65 million) from the same quarter in 2021, as revenue from internet connection data ballooned 45% to 115.6 billion.



&#8220;We continued to drive digital inclusion and affordability by reducing the price of our lower-tier internet bundle packages,&#8221; the firm said in commentary accompanying the results.



MTN Uganda, which is majority owned by South Africa&#8217;s MTN Group&nbsp;MTNJ.J, listed its shares on the Uganda Securities Exchange (USE) in December after a deeply undersubscribed initial public offering.



Last year, MTN Uganda reported a 6.6% jump in pretax profit compared with the previous period, helped by higher data sales and faster uptake of its fintech services. In Uganda it chiefly competes with a local subsidiary of India&#8217;s Bharti Airtel&nbsp;BRTI.NS.



MTN Uganda said the outlook for its business was difficult, clouded partly by the global economic consequences of the war in Ukraine.



&#8220;Recent macroeconomic developments point to a more challenging trading environment for our business,&#8221; it said.



&#8220;Higher inflation of essential commodities and fuel has been exacerbated by the war in Ukraine, which is also putting pressure on supply chains.&#8221;



($1 = 3,535.0000 Ugandan shillings)

UGANDA-TELECOMMUNICATION-FINE-BUSINESS

MTN Uganda’s Q1 2022 pretax profit up 20% on robust data sales￼

LAGOS, May 3 (Reuters)&nbsp;&#8211;&nbsp;Nigeria had to buy emergency supplies of Canadian potash in April after the country was unable to import the key fertilizer from Russia due to the impact of Western sanctions, the head of Nigeria&#8217;s sovereign investment authority NSIA said.



Uche Orji, the head of NSIA, declined to comment on prices. However, spot prices today are up more than 250% for deliveries to west Africa compared to last year, according to commodities pricing agency Argus Media, dealing a further blow to the country&#8217;s finances.



The move shows one of many unintended negative consequences of sanctions to punish Russia for its invasion of Ukraine, which it calls a &#8220;special military operation&#8221;.



The International Monetary Fund said last week that the invasion had delivered a further &#8220;huge negative shock&#8221; to sub-Saharan Africa, driving food and energy prices higher and putting the most vulnerable people at risk of hunger.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WQ08L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The extra pressure comes as many countries are still reeling from the protracted COVID-19 pandemic.



Nigeria has for years been battling double-digit inflation, which quickened to 15.92% last month, and its population of 200 million will face even higher food costs this year and the next as the agricultural sector passes on the higher costs of imported wheat, diesel and fertilizer.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">&#8220;Russia was unable to deliver so we bought spot from traders in Canada. The Canadian High Commission in Nigeria helped start the conversation with producers,&#8221; Orji told Reuters.</blockquote>



NSIA negotiates imports of raw fertilizer materials like potash as part of the Nigerian government&#8217;s programme to develop its capacity to produce blended fertilizer.



Orji said Nigeria has enough potash inventories to cover 40% of blending demand and bought three cargoes of Canadian potash, which should arrive within the next month. Normally, the country takes five Russian cargoes a year.



Western sanctions and self-sanctioning by many global companies and financial institutions has created chaos for anyone dealing in products of Russian origin and sent many energy and commodity prices to record highs.



Russia&#8217;s Uralkali, a major global producer of the crop nutrient, has been Nigeria&#8217;s exclusive supplier since 2019.



Uralkali declined comment. The Canadian government did not have an immediate comment.



The potash producer has not itself been targeted by sanctions so far but Russian businessman Dmitry Mazepin left the board and cut his controlling stake in Uralchem after he was hit by EU sanctions in March. Uralchem owns the majority of Uralkali.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N2UP04Y&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Orji said there were ongoing discussions to see if a Russian delivery could still be made.



The price of potash has been on the rise since last year after the EU imposed some sanctions on Belarus, the world&#8217;s third biggest producer after Russia and Canada.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VO28I&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The price skyrocketed in early March following financial sanctions on Russia, hitting a record $1,125 per tonne at the end of April for product on a delivered basis to South Africa, according to commodity pricing agency Argus Media. Combined, Belarus and Russia account for 38% of global potash supplies, which are now uncertain.



Nigeria imported about 200,000 tonnes of potash last year, one of three key ingredients for fertilizer blending, according to the local fertilizer association FEPSAN. Nigeria&#8217;s raw material imports meet just under 40% of Nigeria&#8217;s needs, the rest is sourced domestically, and local blended output was 1.5 million tonnes last year, nearly equal to domestic consumption.



&#8220;The Canadian potash will hopefully arrive just in the nick of time for the planting season, which starts as early as end-May in some parts,&#8221; FEPSAN executive director Gideon Negedu said, adding the association has a strategy to prioritise crops that need more potash.



(Reporting by Julia Payne, additional reporting by Reuters; editing by David Evans)

Flag_of_Nigeria

Nigeria buys emergency Canadian potash to replace lost Russian supply

BE2FA7DW6VJP3AYQ5S5CUCMQO4

Africa’s most vulnerable hit by Russia’s war in Ukraine, says IMF￼

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106970721-1636033270223-gettyimages-1232591117-AFP_98Y9XM.jpeg" alt="" class="wp-image-415885" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106970721-1636033270223-gettyimages-1232591117-AFP_98Y9XM.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106970721-1636033270223-gettyimages-1232591117-AFP_98Y9XM-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/106970721-1636033270223-gettyimages-1232591117-AFP_98Y9XM-160x90.jpeg 160w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>A doctor monitors a Covid-19 patient in the Covid-19 intensive care unit of the community hospital in Germany on April 28, 2021.
RONNY HARTMANN | AFP | Getty Images</figcaption></figure>

106970721-1636033270223-gettyimages-1232591117-AFP_98Y9XM

South Africa may be entering fifth COVID wave – health minister

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="486" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/CQHINN5F4RNGHNRMGELCZ3TNL4.jpg" alt="" class="wp-image-416771" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/CQHINN5F4RNGHNRMGELCZ3TNL4.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/CQHINN5F4RNGHNRMGELCZ3TNL4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/CQHINN5F4RNGHNRMGELCZ3TNL4-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>People stand in line to receive a COVID-19 vaccine, at the Narok County Referral Hospital, in Narok, Kenya, December 1, 2021. REUTERS/Baz Ratner/File Photo</figcaption></figure>



JOHANNESBURG/NAIROBI/DAKAR, April 28 (Reuters)&nbsp;&#8211;&nbsp;Africa is seeing an uptick in COVID-19 infections, largely driven by a doubling in cases reported in South Africa, the World Health Organization said on Thursday, urging people&nbsp;across&nbsp;the continent to continue to get vaccinated.



Africa had been experiencing a lull in COVID cases, with the WHO earlier this month pointing to the longest-running decline in weekly infections on the continent since the start of the pandemic.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WC190&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



But last week cases started to pick up in South Africa &#8212; the country that has recorded the most infections and deaths in Africa to date &#8212; and health authorities there are monitoring for signs of a fifth infection wave.



&#8220;This week new COVID-19 cases and deaths on the continent increased for the first time after a decline of more than two months for cases and one month for deaths,&#8221; Benido Impouma, director for communicable and non-communicable diseases at the WHO&#8217;s Africa office, told an online news conference.



<h3 class="wp-block-heading" id="h-read-more-congo-starts-ebola-vaccinations-to-stem-outbreak-in-northwest-who-says">Read more: <a href="https://www.cnbcafrica.com/2022/congo-starts-ebola-vaccinations-to-stem-outbreak-in-northwest-who-says/">Congo starts Ebola vaccinations to stem outbreak in northwest, WHO says</a></h3>



Impouma&nbsp;said&nbsp;there was no evidence&nbsp;as yet to&nbsp;suggest the rise in cases was linked to any new sub-lineages or a new coronavirus variant.



Helen Rees, executive director of the University of the Witwatersrand&#8217;s Reproductive Health and HIV Institute in Johannesburg, told the same news conference that an increasing share of South Africa&#8217;s COVID cases were the BA.4 and BA.5 sub-lineages of the Omicron variant.



But she said the country had so far not seen a huge increase in mortality or intensive care admissions.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AJ8N2V502H&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Separately, the WHO&nbsp;also said on&nbsp;Thursday that Africa was witnessing a surge in outbreaks of vaccine-preventable diseases including measles, polio and yellow fever.



&#8220;The rise in outbreaks of other vaccine-preventable diseases is a warning sign. As Africa works hard to defeat COVID-19, we must not forget other health threats,&#8221; WHO Africa director Matshidiso Moeti said in a statement.



(Reporting by Alexander Winning, Hereward Holland and Sofia ChristensenEditing by Estelle Shirbon and Gareth Jones)

People stand in line to receive COVID-19 vaccine, in Narok

Africa seeing uptick in COVID cases driven by South Africa, WHO says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/ICHFR6GZT5ORNAJCT2C3IKACWY-820x429.jpg" alt="" class="wp-image-416767" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/ICHFR6GZT5ORNAJCT2C3IKACWY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/ICHFR6GZT5ORNAJCT2C3IKACWY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/ICHFR6GZT5ORNAJCT2C3IKACWY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/ICHFR6GZT5ORNAJCT2C3IKACWY-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/ICHFR6GZT5ORNAJCT2C3IKACWY.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Sung Kook (Bill) Hwang exits the Manhattan federal courthouse in New York City</figcaption></figure>



WASHINGTON, April 28 (Reuters)&nbsp;&#8211;&nbsp;Bill Hwang spent 25 years building his career, but his downfall took just four days.



The now-notorious owner of Archegos Capital Management took extraordinary risks by leveraging stock positions and artificially inflating their prices, prosecutors alleged on Wednesday. When the private fund ran out of borrowed money a year ago, it imploded and left global banks with losses of $10 billion.



&#8220;Over the course of less than a week in late March 2021, the house of cards collapsed,&#8221; the Securities and Exchange Commission said in a complaint against Hwang.



Hwang was arrested early on Wednesday and was hit with 11 criminal charges including racketeering, market manipulation and fraud.



Wearing a green turtleneck and beige slacks, Hwang later pleaded not guilty in a Manhattan court and was released on a $100 million bail bond. His lawyer said he was &#8220;entirely innocent.&#8221;&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2WP2WL&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



It was the second fall from grace for Hwang, who was punished by U.S. and Asian regulators in 2012 for violations at his former hedge fund, Tiger Asia.



Hwang, who has said he is inspired by his Christian faith, later restored his fortunes, revived his Wall Street relationships and had been making big money.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2LU1L8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



But in March 2020 he embarked on an aggressive investment strategy that would ultimately destroy everything he had worked to rebuild, according to the indictment.



Operating from his Manhattan apartment as COVID-19 swept New York, Hwang began amassing huge positions in a handful of securities using a derivative known as a total return swap.



In these trades, banks promised Archegos a return based on the performance of a handful of stocks. The strategy allowed Hwang to accumulate leveraged positions in the stocks without owning them and without having to disclose his stakes.



By late March 2021, Archegos had positions exceeding $10 billion in Baidu Inc&nbsp;9888.HK&nbsp;and Tencent Music Entertainment Group&nbsp;TME.N&nbsp;and more than $20 billion in ViacomCBS Inc&nbsp;VIAC.O. Archegos derivatives&#8217; position was equal to more than 50% of ViacomCBS.



The fund used as many as nine banks, making it appear that different parties were behind the activity. This allowed Archegos to accumulate leverage of as much as 1,000%.



When asked by banks about Archegos&#8217; positions with other dealers, the fund misled them, obscuring its true exposure and enabling it to borrow and trade more, prosecutors said.



Viacom &#8220;held up pretty well today&#8230;Would you say that is a sign of strength?,&#8221; one analyst texted Hwang after he had loaded up on shares to avert a major sell-off. &#8220;No. It is a sign of me buying,&#8221; he replied.



<h2 class="wp-block-heading">COMEBACK KID?</h2>



The son of a Korean pastor, Hwang moved to the United States as a child and earned several U.S. business degrees.



He honed his stock-picking skills from 1996 to 2000 at Tiger Management, billionaire Julian Robertson’s pioneering hedge fund. In 2001, Hwang launched his own hedge fund business, Tiger Asia Management, with seed money from Robertson.



Tiger Asia grew quickly to more than $8 billion in assets after generating a dazzling 40% annualized return, according to a 2011 Institutional Investor article.



But losses and regulatory issues in Hong Kong and the United States led the firm to shut in 2012. Hwang pleaded guilty to wire fraud related to illegal trading of Chinese stocks and paid $44 million to settle U.S. insider trading charges.



Hwang turned Tiger Asia into a family office, renaming it Archegos Capital Management in early 2013. Wall Street banks were initially wary of Hwang due to his regulatory issues, but eventually Japan&#8217;s Nomura gave him a second chance.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2LU1L8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h2 class="wp-block-heading" id="h-cards-collapse">CARDS COLLAPSE</h2>



On March 22, 2021 Hwang&#8217;s house of cards started to teeter. Viacom CBS announced a secondary stock offering that day, and its share price sank the next day, dragging down the value of Archegos&#8217; portfolio.



Hwang mounted a massive offensive to boost Viacom, attempting to overpower the deteriorating market, according to the indictment. The $2 billion in trading consumed Archegos&#8217; cash and it would not be able to meet its margin calls if the offensive failed.



But Viacom continued to fall.



Over the next two days, Hwang and his team scrambled to stall the banks from calling in their margin loans, prosecutors said. But on March 26, Hwang ran out of time. The banks began unwinding the trades, sending the shares tumbling.



&#8220;The bubble burst,&#8221; said U.S. Attorney Damian Williams. &#8220;The prices dropped. And when they did, billions of dollars of capital evaporated nearly overnight.&#8221;



(Additional reporting by John McCrank, Cohen Luc, Lawrence Delevingne; editing by Megan Davies and Cynthia Osterman)

ICHFR6GZT5ORNAJCT2C3IKACWY

The rise and fall of Bill Hwang’s ‘house of cards’

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="464" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/S5ZSZFJYLBIXNPDNSK3FB3QCRA.jpg" alt="" class="wp-image-416757" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/S5ZSZFJYLBIXNPDNSK3FB3QCRA.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/S5ZSZFJYLBIXNPDNSK3FB3QCRA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/S5ZSZFJYLBIXNPDNSK3FB3QCRA-141x90.jpg 141w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic/File Photo</figcaption></figure>



BANGUI, April 27 (Reuters)&nbsp;&#8211;&nbsp;Central African Republic has adopted bitcoin as an official currency, the presidency said on Wednesday, becoming the first country in Africa and only the second in the world to do so.



Despite rich reserves of gold and diamonds, Central African Republic is one of the world&#8217;s poorest and least-developed countries and has been gripped by rebel violence for years.



A bill governing the use of cryptocurrency was adopted unanimously by parliament last week, said a statement signed by Obed Namsio, chief of staff of President Faustin-Archange Touadera.



&#8220;The president supports this bill because it will improve the conditions of Central African citizens,&#8221; Namsio told Reuters, without elaborating.



In the statement, he called it &#8220;a decisive step toward opening up new opportunities for our country&#8221;.



Central African Republic is one of six nations that use the Central African CFA franc, a regional currency governed by the Bank of Central African States (BEAC).



<h3 class="wp-block-heading" id="h-read-more-bitcoin-spikes-8-after-apparent-release-of-yellen-statement-on-biden-s-crypto-executive-order">Read more: <a href="https://www.cnbcafrica.com/2022/bitcoin-spikes-8-after-apparent-release-of-yellen-statement-on-bidens-crypto-executive-order/">Bitcoin spikes 8% after apparent release of Yellen statement on Biden’s crypto executive order</a></h3>



Two of the country&#8217;s former prime ministers last week signed a letter expressing concern about the adoption of bitcoin without guidance from the BEAC, calling it a &#8220;serious offence&#8221;.



&#8220;The BEAC learned at the same time as the public of the enactment of a new law on cryptocurrency in Central African Republic,&#8221; a BEAC spokesman told Reuters, adding that the bank did not have an official response yet.



El Salvador became the first country in the world to adopt bitcoin as legal tender last year, but the rollout was hampered by scepticism and it postponed a proposed bitcoin bond in March amid global market turmoil.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL6N2VP07Q&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



African governments have taken a varied approach to regulating cryptocurrencies and blockchain technology.



Nigeria&#8217;s central bank barred local banks from working with cryptocurrencies last year before launching its own digital currency, the eNaira.



South African regulators have been exploring the potential regulation of cryptocurrencies and other blockchain technology, and Tanzania&#8217;s central bank said last year it was working on a presidential directive to prepare for cryptocurrencies.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2O7264&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Judicael Yongo; Additional reporting by Bate Felix; Writing by Nellie Peyton; Editing by Elaine Hardcastle)

S5ZSZFJYLBIXNPDNSK3FB3QCRA

Central African Republic adopts bitcoin as an official currency

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="606" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4AABNXPPZNNODJCRYOE5MFTTOI-820x606.jpg" alt="" class="wp-image-416751" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4AABNXPPZNNODJCRYOE5MFTTOI-820x606.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4AABNXPPZNNODJCRYOE5MFTTOI-300x222.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4AABNXPPZNNODJCRYOE5MFTTOI-122x90.jpg 122w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4AABNXPPZNNODJCRYOE5MFTTOI-768x568.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4AABNXPPZNNODJCRYOE5MFTTOI-1536x1135.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/4AABNXPPZNNODJCRYOE5MFTTOI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Nigeria&#8217;s President Muhammadu Buhari gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union &#8211; African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/Pool/File Photo</figcaption></figure>



ABUJA, April 27 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Senate on Wednesday passed a bill imposing jail terms of at least 15 years for paying a ransom to free someone who has been kidnapped, and made abduction punishable by death in cases where victims die.



Armed gangs operating mostly in northeastern and north-central states of Nigeria have for more than a decade spread terror through kidnappings for ransom, targeting students, villagers and motorists on highways. They have also killed thousands of people.



The bill, which amends Nigeria&#8217;s terrorism law, mandates the death penalty for convicted kidnappers where the abduction leads to loss of life, and life imprisonment in other cases.



<h3 class="wp-block-heading" id="h-read-more-nigeria-s-vp-osinbajo-to-seek-ruling-party-ticket-to-run-for-president">Read more: <a href="https://www.cnbcafrica.com/2022/nigerias-vp-osinbajo-to-seek-ruling-party-ticket-to-run-for-president/">Nigeria’s VP Osinbajo to seek ruling party ticket to run for president</a></h3>



Opeyemi Bamidele, chairman of the Senate&#8217;s judiciary, human rights and legal committee, told the Senate that making ransom payment punishable with jail would &#8220;discourage the rising spate of kidnapping and abduction for ransom in Nigeria, which is fast spreading across the country&#8221;.



President Muhammadu Buhari&#8217;s government has already classified the armed kidnapping gangs, known locally as &#8220;bandits&#8221;, as terrorists this year &#8211; but that has not stemmed the kidnappings, now almost a daily occurrence.



The bill will be debated in the lower House of Representatives before being sent for the president to sign.



(Reporting by Camillus Eboh; Editing by MacDonald Dzirutwe and Kevin Liffey)

4AABNXPPZNNODJCRYOE5MFTTOI

Nigerian Senate outlaws ransom payments, sets death penalty for abductions

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="491" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/RCAQG2GW4VO3VFJIAGKN325BYE.jpg" alt="" class="wp-image-416745" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/RCAQG2GW4VO3VFJIAGKN325BYE.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/RCAQG2GW4VO3VFJIAGKN325BYE-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/RCAQG2GW4VO3VFJIAGKN325BYE-133x90.jpg 133w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>Matshidiso Moeti, World Health Organization (WHO) Regional Director for Africa attends a briefing for World Health Assembly (WHA) delegates on the Ebola outbreak response in Democratic Republic of the Congo at the United Nations in Geneva, Switzerland, May 23, 2018. REUTERS/Denis Balibouse/File Photo</figcaption></figure>



DAKAR, April 27 (Reuters)&nbsp;&#8211;&nbsp;The Democratic Republic of Congo has kicked off Ebola vaccinations to stem an outbreak in the northwest city of Mbandaka, the World Health Organization&nbsp;(WHO)&nbsp;said on Wednesday.



Two people are known to have died so far in the city of over one million inhabitants where people live in close proximity to road, water and air links to the capital Kinshasa.



The first death occurred on April 21 and the second on Tuesday, marking the central African country&#8217;s 14th Ebola outbreak.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WO1U7&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Around 200 doses of the rVSV-ZEBOV Ebola vaccine have been shipped to Mbandaka from the eastern city of Goma, with more to be delivered in coming days, the WHO said in a statement.



So far 233 contacts have been identified and are being monitored, it added.



<h2 class="wp-block-heading" id="h-read-more-moderna-plots-vaccines-against-15-pathogens-with-future-pandemic-potential">Read more: <a href="https://www.cnbcafrica.com/2022/moderna-plots-vaccines-against-15-pathogens-with-future-pandemic-potential/">Moderna plots vaccines against 15 pathogens with future pandemic potential</a></h2>



Three vaccination teams are on the ground and will focus on reaching all people at high risk.



&#8220;With effective vaccines at hand and the experience of the Democratic Republic of the Congo health workers in Ebola response, we can quickly change the course of this outbreak for the better,&#8221; WHO Africa Director Matshidiso Moeti said in the statement.



Congo&#8217;s equatorial forests are a natural reservoir for the Ebola virus, which was discovered near the Ebola River in northern Congo in 1976.



The country has seen 13 previous Ebola outbreaks, including one in 2018-2020 in the east that killed nearly 2,300 people, the second highest toll recorded in the history of the hemorrhagic fever.



The most recent ended in December in the east and caused six deaths. Mbandaka, the capital of Equateur province, has also contended with outbreaks in 2018 and in 2020.



Genetic testing has shown that the current outbreak was a new &#8220;spillover event&#8221;, meaning it was transmitted from infected animals rather than linked to previous events.



(Reporting by Sofia Christensen; Editing by Estelle Shirbon and Bernadette Baum)

RCAQG2GW4VO3VFJIAGKN325BYE

Congo starts Ebola vaccinations to stem outbreak in northwest, WHO says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="569" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/VDS5A5WV4VOUBN7UVKN763NJOU-820x569.jpg" alt="" class="wp-image-416708" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/VDS5A5WV4VOUBN7UVKN763NJOU-820x569.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/VDS5A5WV4VOUBN7UVKN763NJOU-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/VDS5A5WV4VOUBN7UVKN763NJOU-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/VDS5A5WV4VOUBN7UVKN763NJOU-768x533.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/VDS5A5WV4VOUBN7UVKN763NJOU.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Former Vice-President and People&#8217;s Democratic Party candidate in upcoming presidential election Atiku Abubakar attends the party&#8217;s emergency meeting in Abuja, Nigeria, February 19, 2019. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



LAGOS, April 25 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s opposition People&#8217;s Democratic Party (PDP) said on Monday it will choose a presidential candidate at the end of May to contest elections set for February next year as it seeks to return to power after losing office seven years ago.



Veteran politician and former vice president Atiku Abubakar is seen as front-runner to represent the opposition. It will be his sixth attempt at the presidency if he contests the election.



<h3 class="wp-block-heading" id="h-read-more-nigeria-s-vp-osinbajo-to-seek-ruling-party-ticket-to-run-for-president">Read more: <a href="https://www.cnbcafrica.com/2022/nigerias-vp-osinbajo-to-seek-ruling-party-ticket-to-run-for-president/">Nigeria’s VP Osinbajo to seek ruling party ticket to run for president</a></h3>



The PDP ruled Africa&#8217;s most populous nation at the advent of multi-party democracy in 1999 but was swept from power in 2015 by President Muhammadu Buhari&#8217;s All Progressives Congress&nbsp;party.



Buhari will step down next year after serving two consecutive four-year terms.



In an election schedule, the PDP said the presidential election primary will be held during a May 30-June 1 special convention. Candidates for state governors and house of assembly will be chosen ahead of the convention.



(Reporting by MacDonald Dzirutwe; Editing by Toby Chopra)

VDS5A5WV4VOUBN7UVKN763NJOU

Nigeria’s opposition to pick presidential candidate at end of May

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-820x547.jpg" alt="" class="wp-image-416704" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/LIIL4DGYFVNP5EAHWSIR7IM3BM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Zambia&#8217;s President Hakainde Hichilema addresses the 76th Session of the United Nations General Assembly at U.N. headquarters in New York, U.S. on September 21, 2021. Spencer Platt/Pool via REUTERS</figcaption></figure>



LUSAKA, April 25 (Reuters)&nbsp;&#8211;&nbsp;Zambian President Hakainde Hichilema thanked China on Monday for joining international efforts to help his country to restructure its debt after China committed to joining Zambia&#8217;s creditor committee at&nbsp;International Monetary Fund&nbsp;meetings last week.



Meanwhile IMF Managing Director Kristalina Georgieva welcomed the country&#8217;s economic reform progress, saying she had an &#8220;excellent meeting&#8221; with Finance Minister Situmbeko Musokotwane and central bank Governor Denny Kalyalya on Monday.



&#8220;We share the hope for rapid progress on #Zambia’s debt restructuring so the IMF Board can soon consider the authorities’ program,&#8221;&nbsp;<a href="https://twitter.com/KGeorgieva/status/1518649347189223425?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet" target="_blank" rel="noreferrer noopener">Georgieva said on Twitter</a>.



In 2020 Zambia became the first country to have defaulted in the pandemic-era&nbsp;when&nbsp;its debt burden reached more than 120% of national output. It reached a staff-level agreement with the International Monetary Fund (IMF) in December 2021 on a $1.4&nbsp;billion&nbsp;three-year extended credit facility.



&#8220;Thank you to China for joining the Common Framework, for agreeing to join the Common Framework to resolve the debt crisis,&#8221; Hichilema told&nbsp;reporters&nbsp;in Lusaka.



He added that authorities were working with fertiliser-producing countries to try to alleviate the pressures of rising fuel and fertiliser prices and also wanted to develop exports of wheat to take advantage of higher prices.



Georgieva&nbsp;said&nbsp;last Thursday that China has committed to joining Zambia&#8217;s creditor committee.&nbsp;Sources with knowledge of the meeting said People&#8217;s Bank of China&nbsp;Governor Yi Gang said that China intended to co-chair the committee.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WK1EM&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



China and Chinese entities held $5.78 billion of Zambia&#8217;s debt at the end of 2021, according to the most recent Zambian government data. Zambia&#8217;s external debt also includes $3 billion in international bonds and $2.1 billion to multilateral lending agencies such as the IMF.



However, Zambian officials have also expressed frustration at the process.



Musokotwane said at events on the sidelines of the IMF meetings last week the debt restructuring process had &#8220;stalled&#8221; and Zambia had &#8220;come here to complain&#8221;.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WJ4XX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Chiwoyu Sinyangwe in Lusaka and Rachel Savage in London; Writing by Tim Cocks and Angus MacSwan;Editing by Marguerita Choy)

Annual United Nations General Assembly in New York

Zambian President thanks China for help in debt restructuring

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-820x547.jpg" alt="" class="wp-image-416685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A company vehicle sits in a parking lot outside the headquarters of the Nairobi Securities Exchange Ltd. (NSE) in Nairobi, Kenya, on Tuesday, July 21, 2015. Kenya is a major technology hub and a key player in one of the most dynamic economic regions on the continent. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, April 25 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Nairobi Securities Exchange&nbsp;NSE.NR&nbsp;is looking to buy up more stakes in bourses across Africa, its chief executive said on Monday, with a view to eventually becoming a pan-continental exchange.



The bourse, the fifth biggest by market capitalisation in Africa, already owns a 4.9% stake in neighbouring Tanzania&#8217;s Dar es Salaam Stock Exchange&nbsp;DSE.TZ, and is eyeing other bourses in countries like Nigeria and Botswana following their demutualisation, its CEO Geoffrey Odundo said.



&#8220;We can become a pan-African exchange in the long term, so we are looking at how we can use this opportunity,&#8221; he said. The group is keen to see the valuation of Uganda&#8217;s bourse when the shares are offered to investors at a later date, he added.



To fund acquisitions, the NSE has cash reserves of up to 1.5 billion shillings ($12.98 million), Odundo said.



The exchange is also looking at buying stakes in related businesses like technology and depository services, he said. &#8220;Acquisitions are a key focus for us,&#8221; he told Reuters.



<h3 class="wp-block-heading" id="h-read-more-world-bank-approves-750-million-in-budgetary-support-to-kenya">Read more:<a href="https://www.cnbcafrica.com/2022/world-bank-approves-750-million-in-budgetary-support-to-kenya/"> World Bank approves $750 million in budgetary support to Kenya</a></h3>



As part of its strategy to acquire related businesses, the NSE has doubled its stake in Kenya&#8217;s Central Depository and Settlement Corporation, which offers back-office services for share trading, Odundo said.



The exchange, which for 2021 offered investors a 17% dividend yield, is also holding discussions with two Kenyan technology firms to boost its securities trading infrastructure, Odundo said, without giving details.



Africa, made up of 54 nations, has just 29 exchanges, meaning there will be opportunities to offer securities trading technology when the others set up their bourses, the CEO said.



The bourse was in a strong position to fend off competition from a new bond trading exchange being set up in Kenya, he said, since it offers many products, including derivatives.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2U637S&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The NSE is selling its head office in a Nairobi suburb in favour of leasing, Odundo said. &#8220;Property is not a space for us,&#8221; he added.



NSE turnover has been depressed in the past month by heightened geopolitical risk caused by the Ukraine crisis, he said.



Kenya is holding a general election on Aug. 9, which could feed volatility in the market, Odundo said. However, he expressed optimism that the adverse impact will be low.



&#8220;We are cautiously optimistic,&#8221; he said. &#8220;Investors have priced down the political risk.&#8221;



($1 = 115.6000 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Jan Harvey)

Reuters

Africa CDC urges COVID-19 vaccine buyers to order from S.Africa’s Aspen

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MTN Uganda’s Q1 2022 pretax profit up 20% on robust data sales

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Africa seeing uptick in COVID cases driven by South Africa, WHO says

The rise and fall of Bill Hwang’s ‘house of cards’

Central African Republic adopts bitcoin as an official currency

Nigerian Senate outlaws ransom payments, sets death penalty for abductions

Congo starts Ebola vaccinations to stem outbreak in northwest, WHO says

Nigeria’s opposition to pick presidential candidate at end of May

Zambian President thanks China for help in debt restructuring

Nairobi Securities Exchange eyes acquisitions among other African bourses

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Reuters

Africa CDC urges COVID-19 vaccine buyers to order from S.Africa’s Aspen

OPEC+ set to stick to modest oil output rise amid price rally

Nigeria’s new seaport aims to become African shipment hub￼

Moody’s expects South Africa’s inflation to hit 8% in 2022￼

South African coal miners turn to trucks as rail service deteriorates

MTN Uganda’s Q1 2022 pretax profit up 20% on robust data sales￼

Nigeria buys emergency Canadian potash to replace lost Russian supply

Africa’s most vulnerable hit by Russia’s war in Ukraine, says IMF￼

South Africa may be entering fifth COVID wave – health minister

Africa seeing uptick in COVID cases driven by South Africa, WHO says

The rise and fall of Bill Hwang’s ‘house of cards’

Central African Republic adopts bitcoin as an official currency

Nigerian Senate outlaws ransom payments, sets death penalty for abductions

Congo starts Ebola vaccinations to stem outbreak in northwest, WHO says

Nigeria’s opposition to pick presidential candidate at end of May

Zambian President thanks China for help in debt restructuring

Nairobi Securities Exchange eyes acquisitions among other African bourses

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Nigeria’s new seaport aims to become African shipment hub

Moody’s expects South Africa’s inflation to hit 8% in 2022

MTN Uganda’s Q1 2022 pretax profit up 20% on robust data sales

Africa’s most vulnerable hit by Russia’s war in Ukraine, says IMF